Arsenal have announced a new sponsorship deal worth £150m with Emirates Airlines.

The agreement, which is worth £30m a season over the next five years, will see the airline continue to sponsor the club's shirts until the 2018/19 season.

The company will also continue to hold the naming rights to the Gunners' 60,000-seater stadium at Ashburton Grove until 2028.

Arsenal Chief Executive Ivan Gazidis said: "This is an exciting day for Arsenal Football Club and all our supporters.

"This agreement is a testimony to Arsenal's approach and to the capabilities we have developed in recent years as well as the strength of our partnership with Emirates.

"The original deal with Emirates was a key facilitator of our move from Highbury and this next phase of our relationship will be just as critical to keep us at the top of the game in England and Europe.

"Emirates is the perfect partner for Arsenal and we are delighted to have agreed a new partnership. Emirates is a world-class brand and by flying to more than 120 destinations across six continents has a truly global reach.

"This reach will play an important role in our own ambitions to further extend the depth of our following around the world. The fact this partnership will continue for many years to come underlines how much both organisations value and benefit from the relationship."

As part of the deal, Emirates will also continue to fund the Arsenal Soccer School in Dubai.